Academy prepays $100 million of secured term loan

By William Gullotti

Buffalo, N.Y., Feb. 1 – Academy Sports and Outdoors, Inc.’s indirect subsidiary Academy, Ltd. voluntarily prepaid $100 million of outstanding borrowings under its senior secured term loan with Credit Suisse AG, Cayman Islands Branch as administrative agent on Monday, according to an 8-K filing with the Securities and Exchange Commission.

The paydown utilized cash on hand and did not incur any prepayment penalties.

The remaining outstanding principal balance is $91.75 million, and, based on projected variable interest rates, the company expects to realize an interest savings of approximately $29 million over the remaining life of the loan, including $8.5 million in the 2024 fiscal year.

Academy is a Katy, Tex.-based sporting goods, outdoor and lifestyle products retailer.

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